Re: Student Loan Rehabilita
tion And The Effect On Tradelines
10-07-2012 09:03 AM
I received a letter today from USA Funds stating:
On behalf of your student loan guarantor, USA Funds, we would like to congratulate you on the rehabilitation of your defaulted education loans. At the time of this letter, your lender has purchased your loan and will be contacting you soon regarding a repayment schedule. In addition, we will notify national consumer reporting agencies to update your credit report by deleteing the USA Funds reporting for the loans that has been rehabilitated. Please allow at least 90 days from the date of this letter to ensure the deletion has occured. Your previous loan holder has also been notified of this information for credit reporting purposes.
My Freescore credit report updates Oct. 11th, so i'll be updating soon.
That's pretty awesome.. I can't wait to receive that letter!!
So SM bought your loans back? Did you see any inquiries from the process?
Let us know how the updating process goes. I hear USA Funds only updates quarterly.
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695